Effort to make terms easier to understand delays loan processing, critics say
By Joe Light | The Wall Street Journal
It is taking home buyers longer to get a mortgage, which some in the real estate industry say is the result of new federal rules meant to make mortgage terms easier to understand.
Mortgages took an average of 49 days to close in November, a three-day increase from October and the longest closing time since February 2013, according to mortgage-processing firm Ellie Mae. Behind the scenes, some lenders describe disarray as various parties in real-estate transactions carry different interpretations of the same rules.